Honest accounting would raise U.S. budget deficit by 81%


By Martin Crutsinger
Associated Press
via San Jose (Calif.) Mercury News
Friday, December 15, 2006


WASHINGTON -- The federal deficit for 2006 would have been 81 percent higher than the $247.7 billion that was reported two months ago if the government had to use the same accounting methods as private companies.

Two Internet radio interviews for GATA Chairman Murphy


8:37p ET Saturday, December 16, 2006

Dear Friend of GATA and Gold:

GATA Chairman Bill Murphy was interviewed today on Jim Puplava's "Financial Sense Newshour." You can listen to it in the third hour segment here:


Murphy was also interviewed yesterday by the Christian Financial Radio Network, and you can listen to it here:


Weak dollar has mixed results for U.S. businesses


By Ashley M. Heher
Associated Press
via Journal Gazette and Times-Courier
Mattoon, Illinois
Friday, December 15, 2006


CHICAGO -- A weakened U.S. dollar used to mean big money for domestic manufacturers such as Draper Inc.

Not anymore.

As late as 2004 employees at the Spiceland, Ind.-based company would study European currency shifts weekly. A weak dollar, which makes the company's blinds and projection screens cheaper for overseas customers, once led to a 40 percent boost in demand for its exports.

Barrick may bid for Freeport, CIBC research note says


Barrick Gold May Bid
for Freeport-McMoRan,

By Rob Delaney
Bloomberg News Service
Friday, December 15, 2006


TORONTO -- Barrick Gold Corp., the world's biggest gold producer, may make a bid for Freeport-McMoRan Copper & Gold Inc. to boost reserves and lower operating costs, CIBC World Markets Inc. said in a research note.

MineWeb covers Blanchard report on need to disclose central bank gold lending


8:55a ET Friday, December 15, 2006

Dear Friend of GATA and Gold:

MineWeb's Dorothy Kosich has written an excellent story about the Blanchard report on the need for transparency and accountability in central bank gold lending. You can find it here:


CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *


Don't resent coin melting ban; it's a great victory for gold and silver


10p ET Thursday, December 14, 2006

Dear Friend of GATA and Gold:

People are questioning the authority of the United States Mint to ban the melting and export of U.S. coins, as the Mint today proclaimed its intent to do in regard to pennies and nickels:


Most of the news stories on the subject seem not to have specified this authority, and neither did the mint's own statement, appended here.

GATA's international press release to publicize Blanchard report on gold lending


GATA: Secrecy of Gold Lending
Condemned in New Study

International Press Release
via Business Wire
Thursday December 14, 2006, 8:30a ET


MANCHESTER, Conn. -- (BUSINESS WIRE) -- Lending of gold by central banks depresses the price and the only possible reasons for the secrecy around it are manipulation of the gold market and the enrichment, through inside information, of the financial houses to which central banks lend their gold, a study by New Orleans coin and bullion dealer Blanchard & Co. has found.

In Beijing, U.S. delegation presses 'currency flexibility'


Paulson Plans to Press China on Currency

By Joe McDonald
Associated Press
Thursday, December 14, 2006


BEIJING -- U.S. Treasury Secretary Henry Paulson said Thursday he would press Beijing over market access and its currency as he and top Chinese officials opened talks amid demands by American critics for quick action on trade disputes.

U.S. mortgage delinquency rate rises sharply


Late Mortgage Payments Jump in Summer

By Jeannine Aversa
Associated Press
Wednesday, December 13, 2006


Late mortgage payments shot up in the third quarter as higher interest rates squeezed budgets and made it harder for homeowners -- especially those with weaker credit records -- to keep up with their monthly obligations.

No inflation? U.S. Mint would ban melting pennies, nickels


U.S. Mint Bans
Melting Pennies, Nickels

By Matin Crutsinger
Associated Press
Thursday, December 14, 2006


Given rising metal prices, the pennies and nickels in your pocket are worth more melted down than their face value -- and that has the government worried.

U.S. Mint officials said Wednesday they were putting into place rules prohibiting the melting down of 1-cent and 5-cent coins. The rules also limit the number of coins that can be shipped out of the country.